Nevada Gold & Casinos Inc., which owns a minority stake in The Nugget in Reno, expects to complete its move to Las Vegas early next year, the company’s chief executive confirmed Wednesday.
Michael Shaunnessy took over on Dec. 1 as president and CEO of Nevada Gold, replacing Robert Sturges. He said the company, now based in Houston, expects to relocate its headquarters and about 10 employees to Las Vegas by March 30.
Shaunnessy told analysts during a conference call that his immediate goals were to “enhance the cash flow from the company’s current properties” in Washington and South Dakota, as well as “pursue attractive expansion opportunities” in Las Vegas and Nevada.
Nevada Gold posted a fiscal 2013 second-quarter loss of $819,000, or 4 cents a share, compared with a loss of $2.12 million, or 15 cents a share, for the same period last year, the gaming company announced Wednesday.
Net revenues were $16.4 million, up 28 percent from $12.8 million last year. Adjusted EBITDA – earnings before interest, taxes, depreciation and amortization – from continuing operations increased to $1.3 million from $300,000 in the same period last year.
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